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Transcontinental's fourth-quarter profit drops 82% on goodwill charge (Tibor Kolley/The Globe and Mail/Tibor Kolley/The Globe and Mail)
Transcontinental's fourth-quarter profit drops 82% on goodwill charge (Tibor Kolley/The Globe and Mail/Tibor Kolley/The Globe and Mail)

Transcontinental's fourth-quarter profit drops 82% on goodwill charge Add to ...

Canadian media company and publisher Transcontinental Inc. saw its fourth-quarter profit drop 82 per cent to $8-million due to a goodwill charge related to discontinued operations.

That compares to a profit of $44.5 million in the same quarter in 2010, the company said Thursday.

Montreal-based Transcontinental booked a goodwill charge of $52.2-million related to such things as discontinued operations in the United States and Mexico.

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Earnings per share were 10 cents compared with 55 cents in the same quarter last year.

Adjusted net income was down 4r per cent to $60.2-million, or 74 cents per share, from $62.7-million, or 78 cents per share a year ago.

Transcontinental is the largest printer in Canada and Mexico, and fourth-largest in North America. It is the leading publisher of consumer magazines and French-language educational resources and community newspapers in Quebec and the Atlantic provinces.

It has 10,500 employees in Canada, the United States and Mexico.

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